Insurance Programs for Markets & for Vendors

FMNS member markets and their vendors have the options of purchasing insurance through a group program organized by FMNS, and offered through The Cooperator’s Group Ltd, a Canadian-owned insurance company.

For vendors, there is a short list of eligibility qualifications (such as a maximum of 10 employees) and three coverage options available, based on the annual receipts of the business. For vendors with annual receipts of $100,000 or less, “Vendor Option A” would be available to you – and according to the details of your particular business – would likely be recommended. Vendor Option A is a $350 annual premium. From there, two other coverage options are available, each offering increasingly robust coverage at a higher rate.

Our market insurance program operates in much the same way; again, having three levels of coverage recommended, according to the number of vendors participating in the market. For example, “Market Option A” is designed as a good fit for a market of up to 50 vendors and has an annual premium of $500. At the other end of the spectrum, “Market Option C” covers markets with up to 200 vendors at an annual cost of $890. In addition, a market can choose to purchase directors and officers (D&O) insurance as an add on to this coverage. The cost of D&O varies according to number of board members, experience of the board, age of the board/market, etc. — all factors that inform the level of risk and in turn the cost of the insurance coverage.